Topps Tiles halts sales decline

TILE and flooring retailer Topps Tiles said falls in sales had slowed in the second half and that trading conditions are stabilising.

The company, which has its back office in Handforth, Cheshire, said it expected sales at stores open more than a year to have fallen 13.5% in the year to the end of September, against a fall of 18.5% in the six months to March 28.

Chief executive Matt Williams said: “While we remain cautious in our outlook for the economy the business is proving its resilience by continuing to deliver profits in line with expectations and reducing net debt.

“The board is reassured by our current trading performance and we are seeing signs of stability in our market.”

Topps said it expects operating profit for the year to come in at between £10.5m and £14m.